[Clive]

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[liberateUS]

It’s not just a disgrace, it’s criminal!

[SueRae]

I find myself agreeing with much of this article...except the starting date of 2008 for the crisis....it goes back much further than that.

And he nails it with this comment...

“As a fiscal conservative, I believe in free markets and the rule of law, not fraud markets and crony capitalism, in which profits are privatized and losses socialized.”

[DainBramage]

Crony-Journalism is at least half the problem.

[TheBigIf]

The writer of this article is a disgrace.

When government sets forth laws that attack free market principles and create an environment whereas it is obvious that investors are being robbed by political activists with the help of Congress it is then a disgrace to blame those who simply are trying to use the best possible stradegy legally to protect their investments as being the cause of the problem.

The author of the article claims to be a conservative but comes off as either a liar or as extrmemly ignorant.

[TheBigIf]

Basically this author is upset that investors on Wall Street didnt do their best to make the crony capitalism sheme created by ACORN and Congress work better.

This author would be happier if the democrats financial systems were still in place and blames Wall Street for not finding better ways to prop it up.

This author is a disgrace.

[varon]

BTTT

[A_perfect_lady]

The reality is both parties and their presidential candidates, happily allowed themselves to be bought by the U.S. financial services sector in the years leading up to the crash.

Then government is just as much to blame, if not more so.

[adorno]

That’s what happened in the 2008 global economic crash, where the worst damage wasn’t caused by the subprime scandal itself, but by the global credit freeze it led to because banks no longer trusted each other’s assets.

A lot of twisted logic there.

Without a cause, there is no effect.

Without the sub-prime mortgages being allowed, and even forced on banks, the packaged securities mess would never have occurred.

If the author really believes in the unfettered free-market system, then the blame would start and be mostly on the government's side, which created he CRA and the enforcement regulations, which all led to the 2008 housing crash.

[algernonpj]

Great article. Thanks for posting. It’s not often someone rightly identifies the two parties responsible, corrupt politicians and corrupt business, both gutting the middle class for their personal benefit.

[MarkL]

The fact credit rating agencies in the pay of Wall St. graded junk subprime mortgage securities as Triple A safe investments, is a disgrace.

Here's my problem with this statement. While it may be a disgrace, any sub-prime mortgage security backed by Fannie Mae or Freddie Mac had the full faith and credit of the USA behind it, even though they're not actually government agencies themselves. Any securities that were privately held may not have been, and those need to be investigated for fraud. But the credit rating agencies can't be faulted for rating sub-prime securities as AAA if the backing organization was rated as AAA.

Mark